Retirement: How much should I be saving for retirement? скачать в хорошем качестве

Retirement: How much should I be saving for retirement?

http://www.MarathonRetirementPlanning... (925) 726-4015 How much should you be saving for retirement? That is one of the questions I get asked most often. I am Dan Leonard of Marathon Retirement Planning, and I am going to give you some ideas of what many people do when I come back in just a second. So How much is enough to save? There are some many ways to determine the right number. Some people focus on how much they need to contribute to maximize what their companies 401(k) matching. That is a great place to start, but sadly it can still leave you a little short. The most basic advice I can offer you is target 10% of your salary, regardless of what your company contributes. The second part of that equation is own the home you live in. If you do those two things throughout your career, you’ll be better off than most. It may not be enough to replace your income at 100%, but it is a great start. Once you get to 10% contribution in your 401(k), consider the option of increasing your contribution rate by 1 or 2% a year. A 15% contribution rate to the 401(k) is a better target and maxing out your contribution is a great long term goal. Think about the math, if you work for 40 years and only save 10% of your salary each year and then lived 30 years in retirement even with Social Security, you would be able to replace your income you were making when you retired. Not likely and that is Assuming you were able to save 10% of every dollar you made during your working career. Another way to think about it is: How Much do I need to have Saved when you retire? If you want to replace your income that you had before you retire, the current conventional wisdom is between 7 to 10 times your final years’ salary. If you make $100,000 a year, you need to have somewhere between $700,000 to $1,000,000 saved when you retire. I have to put a disclaimer on that, without knowing your specific situation these suggestions are just Rules of Thumb. You should consult with a professional for your specific situation. Fortunately, I am a professional you can consult! If you would like help determining if you are saved enough for retirement you give me a call, or you can click in the top box to set up an appointment on my online calendar. You can also Subscribe to my YouTube channel for other videos on retirement, by clicking right in the middle box or you can watch a video about the decision to pay off your mortgage or not.    • Retirement: How much should I be saving fo...